Iraq says foreign oil contracts in Kurdistan illegal

[Seaview]

(again!)

raq's Oil Minister Hussein Shahristani said on Friday the central government in Baghdad does not recognize the oil contracts signed by the Kurdistan regional government with foreign oil companies's. Comments despite the tentative agreement was reached on Thursday between Iraqi Oil Ministry and the authorities in the Kurdistan region was brought by the Self to allow exports of oil from Kurdistan to Turkey.

The company signed (De. That. Or) Norwegian oil concession contract with the Kurdistan regional government hopes to begin exporting about 100 thousand barrels per day in the first quarter of next year.

But al-Shahristani said the oil revenues produced in any place in Iraq due to the central government for redistribution to all regions of the country.

"He told reporters in Cairo" These contracts were not reviewed by the Ministry of Oil was recognized by the federal government. "

"The decision is that any oil produced in any part of the country should be handed over to the Federal Government and the Ministry of Oil will export. Revenue will go to the federal budget for distribution within the country."

Shahristani was speaking to journalists the eve of an OPEC meeting on Saturday

http://66.102.9.104/translate_c?hl=en&ie=UTF-8&oe=UTF-8&langpair=ar%7Cen&u=http://www.hewarat.dk/hewarat_data.php%3Fsid%3D14250&prev=/language_tools&usg=ALkJrhgVPVsM3NN6l1mneI-LeCyAh3442g

[REITman]

(again!)

raq's Oil Minister Hussein Shahristani said on Friday the central government in Baghdad does not recognize the oil contracts signed by the Kurdistan regional government with foreign oil companies's. Comments despite the tentative agreement was reached on Thursday between Iraqi Oil Ministry and the authorities in the Kurdistan region was brought by the Self to allow exports of oil from Kurdistan to Turkey.

The company signed (De. That. Or) Norwegian oil concession contract with the Kurdistan regional government hopes to begin exporting about 100 thousand barrels per day in the first quarter of next year.

But al-Shahristani said the oil revenues produced in any place in Iraq due to the central government for redistribution to all regions of the country.

"He told reporters in Cairo" These contracts were not reviewed by the Ministry of Oil was recognized by the federal government. "

"The decision is that any oil produced in any part of the country should be handed over to the Federal Government and the Ministry of Oil will export. Revenue will go to the federal budget for distribution within the country."

Shahristani was speaking to journalists the eve of an OPEC meeting on Saturday

http://66.102.9.104/translate_c?hl=en&ie=UTF-8&oe=UTF-8&langpair=ar%7Cen&u=http://www.hewarat.dk/hewarat_data.php%3Fsid%3D14250&prev=/language_tools&usg=ALkJrhgVPVsM3NN6l1mneI-LeCyAh3442g

I thought Barzani and Shahristani kissed and made up recently. Now they are back to the original obstacle? Make up your mind Shahristani! Sheesh. :no:

[Money4Nothin']

Yesterday it's ok, all systems go and today it's a no go? Whatever, shoot the and get someone in there that wants to get it together.

[InCountry]

Hey, left hand... do you know what the right hand is doing? Umm no...
Hey, right hand... do you know what the left hand is doing? Umm no...

Who is in charge here? ... Umm no...

[dnoond]

Hi everybody

Confused?

There is no reason for being confused.

Whenever you hear about Oilcontracts from Kurdistan, then ask yourselve is this contract from before or after feb. 2007.

If it is before feb. 2007 Shahristani will consider it legal. Whenever it is after feb. 2007 Shahristani will consider it illegal.

The reason for this is, that the oillaw from feb. 2007 was not approved, and therefore every contract between Kurdistan and oilcompanys after this date, will not be considered to be valid. Shahristani has pointed out this several times.

Contracts before feb. 2007 is considered to be from the Sadam times, and Sadam was able to conclude contracts. Shahristani has more than ones talled publicly, that he do not mind these contracts.

The problem regarding export is probably - who should have the right to have the revenue (Kurdistan/Bagdad) and how should it be shared?

I think, one could expect, that the export will be in the hands of Bagdad, (SOMO) and the revenue will partly go back to Kurdistan through af revenue-sharing Law or maybe only through the budgetsharing aggrement (17%).

So Shahristani has been given DNO and Addax the right to finish their work to makes the last preparations to export. DNO is now doing til last Tie-inn work, and it will be finished in early 2009.

DNO has been given information from KRG (Kurdistan Regional Government) that export can be granted within 1. quarter 2009.

So there is only the confusion that the journalist only knows half of the story.

I have a strong buy on DNO, which by the way, was closing on 6,44 NOK after a short time being in 7,20 NOK friday.

Whenever the market believes for shure that export will come, the stock will be very attractive.